Large Bank Examiner - – Internal Audit and Controls - Federal Reserve Bank (FRB)

Company

Federal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago’s (FRB-C) Large Financial Banking Organizations Division (LFBO) within the Supervision and Regulation (S&R) Department, is comprised of banking risk specialists who supervise the largest, most complex domestic and foreign banking organizations within the 7th District. Members of the Large Bank Supervision job family provide supervisory oversight through continuous monitoring and examination activity by engaging with institution executives who have a deep knowledge of their functional or risk area. LFBO is seeking candidates for a position focusing on the assessment of internal audit and controls at a large and complex financial institution.

The Large Bank Examiner leverages specialty expertise to proactively identify risks through on-and off-site examination and monitoring activities to ensure the institution is operating in a safe and sound manner and in compliance with applicable laws and regulations. The individual also independently performs research and provides comprehensive verbal and written analyses. Additionally, as a member of a large bank dedicated supervisory team, the individual will participate in assessing the institution's risk and control practices across other risk topics. Resource workload permitting, the individual may also be engaged in other team, department, and system initiatives.

The position is a hybrid role and will require minimal travel (under 10%). The level of work is considered intermediate, and the qualified candidate must be able to work under some supervision. This position has no direct reports.

Your Responsibilities:

• Lead the supervisory assessment of a large financial institution’s corporate audit function including review of audit governance, risk assessments methodology, planning and execution of work, and issues monitoring and escalation.
• Lead continuous monitoring meetings and examinations with the Chief Audit Executive (CAE), and other key senior internal audit leaders. In addition, this role will assess risk management controls across various areas including but not limited to credit review, compliance monitoring and testing, and model validation, and will collaborate with other examiners covering operational and other controls.
• Lead and/or participate in comprehensive full scope examinations or targeted reviews of internal audit and/or other control functions and provide written conclusion and findings for inclusion in supervisory reports.
• Prepare and deliver clear and persuasive findings in formal written and verbal presentations on supervisory conclusions and relevant issues to financial institutions and senior Reserve Bank management.
• Prepare supervisory work products including but not limited to scope memos, entry letters, continuous monitoring memos, and examination conclusion memos and presentations.
• Develop a comprehensive understanding of supervisory expectations for internal audit, governance & controls, and the supervisory rating system(s) applied to LFBOs.
• Participate in horizontal assessments of internal and related advanced risk management & control practices across the Seventh District and the Federal Reserve System.
• Assist in developing supervisory risk assessments and recommendations for supervisory planning and provide briefings to colleagues and others in the supervisory community.
• Develop and maintain an awareness of potential changes to key rules, laws and regulations, and supervisory policies as well industry practices. 
• Build and maintain strategic working relationships with both internal and external stakeholders, such as other Reserve Banks, the Board of Governors, and other domestic regulatory agencies.  This also includes developing relationships, while maintaining independence, with institution management to further supervisory efforts.
• Proactively implement strategies to collect peer agency views on a timely basis, act as key stakeholder within peer agency reviews, and holistically integrate other regulatory perspectives to help inform the team’s supervisory assessment.
• Provide guidance and constructive feedback to exam team members, as appropriate.
• Share knowledge and equitably support the growth of less-experienced exam team members.

Your Background:

• Bachelor's degree or equivalent experience.
• Federal Reserve System Examiner Commissioning or progress towards preferred.
• Four plus years of direct work-related experience preferred.

• Expertise in internal audit and control risk management frameworks.
• Possesses strong teamwork skills and the ability to build and work collaboratively within and across work teams.
• Demonstrates independent critical thinking and decision-making abilities as well as strong written and oral communication skills.
• Demonstrates the ability to manage time and projects effectively by adjusting quickly to new and different priorities.
• Possesses a general business and/or operations acumen.
• Possesses the ability to provide guidance and constructive feedback to less experienced staff.
• Demonstrates the ability to effectively lead and influence a team with limited oversight and resolve complex to highly complex issues in a productive and timely manner.

What we Offer

• Comprehensive benefits package, including medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off and transit benefit.
• A continuous learning environment with opportunities to gain new skills and grow your career.
• Onsite gym and subsidized cafeteria.

Location:

This position is considered a hybrid position. Your presence will be expected at one of the 7th District locations—Chicago, Detroit or Des Moines.

Other Requirements:

• Ability and willingness to travel up to 10%
• This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law.  Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe.
• As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies.  If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.  Individuals" as defined by regulation of the Board of Governors of the Federal Reserve System.  Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so. 
• This document indicates the general nature and level of work performed by employees within this position.  It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.  An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job.  The Federal Reserve Bank of Chicago reserves the right to modify the elements of this job description, as business needs require.

We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status. 

Referral Bonus:

Our employee referral program (ERP) encourages you to introduce your talented friends or former colleagues to career opportunities at the Bank. As an incentive, an award-eligible referral of an external candidate that leads to a hire could earn you an award.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Bank Examination

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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